Fake Promoter Pleads Guilty

A man in San Francisco has pleaded guilty to four counts of wire fraud in a fake concert promotion scheme that allegedly netted him more than $1 million from investors.

Maurice Michael McCant recently admitted in court that he promised investors 30 percent returns on their money, which he claimed would be used to promote rap concerts through his company Billionaire Catt Entertainment.

Instead, the funds were used to pay McCant’s expenses and other investors.

McCant faces up to 20 years in prison for each count and is scheduled to be sentenced in August.